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Puerto Rico October revenues top forecasts by $110 million

Nov 4 (Reuters) - Puerto Rico's financially pressed central government reported on Monday that revenue collections in October were boosted by new taxes and totaled $856 million, a $262 million increase from a year earlier and $110 million over budget.

In the first four months of the Caribbean island's 2014 fiscal year, revenues are up by $350 million from a year earlier and ran $120 million over forecasts, according to preliminary data issued by Secretary of the Treasury Melba Acosta Febo.

Corporate income tax revenue in October totaled $239 million, representing an increase of $157 million over October of last year. Withholding from non-resident corporations also registered a significant year-over-year increase of $153 million, Acosta Febo said.

Puerto Rico is a major issuer of debt in the U.S. municipal debt market and whose exceptionally high yields reflect wide worries that the island may default on some of its bonds. Wall Street credit agencies rate Puerto Rico's general obligation debt just above non-investment grade.